Good morning, Asia. Here’s what makes news in the markets:
Welcome to Asia Morning Briefing, a daily overview of top stories during the US HOURS and an overview of market movements and analysis. For a detailed overview of US markets, see Coindesk’s Crypto Doybook Americas.
Bitcoin deals with $ 115,157, stable after a fleeting weekend that began with the biggest crypto liquidation event in history, while Ether rose to $ 4,146, and extended its recovery from Friday’s lower $ 3,700.
Elsewhere, Solana rose 11%to $ 196, Bittensor rose 28%, and Cronos jumped 11%, according to Coindesk market data, as capital rotated back to assets with high beta after a gearing of $ 20 billion. Both Washington and Beijing worked to cool down merchant tensions this weekend and helped the recovery.
Bitwise’s Jonathan man points to positioning as the key factor: Gearing was stretched over the long tail-tokens, so when liquidity disappeared, wiped out the severe-but it cleared the tires for a faster reset.
Stacking also played a secondary role in attenuating the decline. With almost 30% of the ETH supply locked in validators, but only a quarter of what circulates as fluid stack derivatives created the network’s structure friction that slowed panic sales. Even when derivatives were wrapped, the validator capital remained set and jumped what could have been a full liquidity spiral.
But when PostMortems rolls in, many fingers point to Binance.
On October 11 Crypto Control – What Really Happened
Tl; DR:
Approx. $ 60-90 million Of $ Usde were dumped on binance along with $ Wbeth and $ BNSOLA price error is utilizing that valued collateral using Binance’s own order book data instead of external oracles.
The located DEPEG triggered …
– Elontrades (@elontrades) October 12, 2025
Does ethhena really have DEPEG?
I’ve seen a lot of scraping about Ethena Deped under the Mayhem market this weekend. The story is that the USE briefly depicted to ~ 68c before he recovered. Here is the Binance -Diagram, which everyone quotes:
But to dig in the data and talk to a lot … pic.twitter.com/lquzrqbl7f
– Haseeeeb ＞ | ＜ (@Hoseeb) October 12, 2025
Dragonflo’s Haseeb Qureshi Questions, if Ethhena really depicted, argued that $ 60- $ 90 million in USDE, along with Wbeth and BNSOL, were dumped on Binance and exploited an award error that valued security with the help of Binance’s own order book instead of external oracles.
As Binance’s infrastructure excited under heavy loads, market manufacturers were unable to uncover or rebalance, the dissertation goes, which caused wrapped assets to disconnect from their underlying prices and elaborate on sales.
The localized collapse only ran USDE to $ 0.65 on Binance while holding nearly $ 1 on Curve and Bybit. Because Binance’s total margin system marked collateral at its internal prices, the drop immediately wiped hundreds of millions in margin value, triggering forced liquidation across assets.
Ethena’s USDE protocol remained full collateral and is redeemed everywhere, suggesting that the chaos was a stock exchange-fiasko, not a stableecoin depeg.
Binance has since recognized “platform-related problems”, moved to Oracle-based security prices and promised compensation for dealers.
Afterwards, Friday’s crash looks less like a stableecoin panic and more like a masterclass to exploit an exchange’s weakest structural joints.
In a post on X, Yi HE, Binance’s co -founder and Chief Customer Service Officer admitted that the exchange had short service delays and temporary Depegs in some yield products, but said these happened after the wider market drop. Binance added that over $ 280 million in compensation has already been paid to affected users and confirmed that it will not cover ordinary market loss.
Currently, Crypto’s cleansing has won room for a measured rebound, one led by the assets that fell hardest and reset the deepest.
Market movement
BTC: Bitcoin stabilized about $ 115,000 after falling almost 9% on Friday and recovered approx. 4% over the weekend when dealers revealed shorts and wider risk meadows began to stabilize.
ETH: Ether rebound to about $ 4,150 after losing almost 17% on Friday, and recovered faster than Bitcoin when geared positions were cleared and defi activity was picked up.
Gold: Gold rose to a record $ 4,059.87 per Ounce in early Asian trade on Monday as escalating US merchant tensions, renewed geopolitical risks and expectations of federal reserve rates cutting -out demand for assets in the safe port.
Elsewhere in crypto:
- Aster AirDrop delayed due to ‘data inconsistencies’ with token distributions (decryptter)
- Tokenization company Securitize is said to be in conversations with Cantor Spac (Bloomberg)
- Bank of America, Goldman Sachs and other big banks ‘Exploring’ A StableCecoin (Block)
